Dubai’s most expensive villa rental signed for $1.06 million

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The real estate market in Dubai saw sustained growth in the run up to the ongoing Expo 2020.
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  • The deal was brokered by Riccardo Scala, the head of Luxury Sales and Luxury Leasing at LuxuryProperty.com

  • Earlier this year, Scala also helped broker the sale of two Palm Jumeirah villas for a price of over AED 100 million ($27.22 million) each

Dubai likely saw its most expensive villa rental deal, with a rental firm saying in a statement that a villa on Palm Jumeirah has been rented annually for AED 3.88 million ($1.06 million).

The statement said the deal was brokered by Riccardo Scala, the head of Luxury Sales and Luxury Leasing at LuxuryProperty.com.

It added that Scala earlier this year also helped broker the sale of two Palm Jumeirah villas for a price of over AED 100 million ($27.22 million) each.

The statement quoted Scala as saying: “Since Covid-19 gripped the world some 18 months ago, we have seen a dramatic rise in the demand for super prime properties.”

He added: “Buyers and tenants moving to Dubai are not just looking for a home that is aesthetically pleasing, but one that provides privacy and security for their families. Areas like the Palm Jumeirah tick all of these boxes for our clients and transactions of this nature show the strength of the market in 2021, for both sales and rentals.”

Scala also said one of the prevailing trends he has seen this year is the demand for homes that are fully furnished and turnkey, with additional services such as concierge and housekeeping.

This is in tune with observations from other corners of the sector as well. For example, property management firm Asteco in its Q1 2021 UAE Real Estate Report observed that the villa market rental rates in Abu Dhabi and Dubai remained “strong” as people looked for expanded places to live.

The quest for larger living spaces itself was reportedly being driven by people working from home and children attending online school, which has led homes becoming more than just places to return to at the end of the day.

Demand for rentals in Dubai is also rising due to the six-month Expo 2020 Dubai drawing near. The event will begin on October 1 this year, and end on March 31, 2020.

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